Marketable Securities

9 Months Ended

Sep. 30, 2022

Disclosure Text Block

Marketable Securities

4. Marketable Securities

Marketable securities consisted of the following at September 30, 2022 and December 31, 2021 (in thousands):

	Amortized		Unrealized		Unrealized		Fair
September 30, 2022	Cost		Gain		Losses		Value
Marketable securities, available-for-sale:
U.S. government agency securities	$	429,423	$	—		(7,007)	$	422,416
U.S. treasury obligations		485,647		—		(6,853)		478,794
Total	$	915,070	$	—	$	(13,860)	$	901,210

	Amortized		Unrealized		Unrealized		Fair
December 31, 2021	Cost		Gain		Losses		Value
Marketable securities, available-for-sale:
U.S. government agency securities	$	498,582	$	21	$	(1,460)	$	497,143
U.S. treasury obligations		328,801		—		(1,249)		327,552
Total	$	827,383	$	21	$	(2,709)	$	824,695

As of September 30, 2022, the Company held 103 debt securities that were in an unrealized loss position with an aggregate fair value of $901.2 million. Of the 103 debt securities, 33 were in an unrealized loss position for more than twelve months with an aggregate fair value of $346.4 million. As of December 31, 2021, the Company held 74 debt securities that were in an unrealized loss position with an aggregate fair value of $750.5 million. As of December 31, 2021, there were no securities held by the Company in an unrealized loss position for more than twelve months. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its marketable debt securities for the three and nine months ended September 30, 2022 and 2021.

As of September 30, 2022, 10 securities with an aggregate fair value of $55.7 million had remaining maturities between one year and five years. As of December 31, 2021, 56 securities with an aggregate fair value of $557.5 million had remaining maturities between one year and five years.

The Company received proceeds of $90.5 million and $170.1 million from maturities of debt securities for the three and nine months ended September 30, 2022, respectively, and $237.3 million and $637.8 million for the three and nine months ended September 30, 2021, respectively. The Company did not realize any gains or losses from maturities of debt securities for the three and nine months ended September 30, 2022 and 2021.